Hence, if we calculate the fees considering this average hike of 20% every year, it will cost around 95 lakhs for this 2-year course in 2025 (which is indeed a huge amount).
Similarly, the tuition fee for IIT has been increased to Rs.2 lakhs from the earlier fees of Rs.90,000 per year. At this rate, this fee can go up to as high as Rs.17 lakhs in the next 8 years.
Parents, who have not planned well in advance and hence, are not prepared for the huge costs associated with education, can fall worryingly short of the required amount when the time comes. Educating your kids is going to be an expensive affair in India and hence, it’s high time you start planning for the future. The sooner, the better.
LIC's Jeevan Tarun (Table - 834) is one plan that can help you secure your kid’s future with a limited pay option. It is an ideal investment plan for securing your child's future against the hardships of life. LIC Jeevan Tarun offers several options for money back and maturity benefits. Be it education, marriage, or for any other purpose, LIC's Jeevan Tarun ensures that your next generation does not have to face any financial problems. The plan offers extensive risk coverage, with a partial-pay option, in which the premium payment term range is shorter than the policy's maturity term.
LIC'S Jeevan Tarun Offers Four Options for Securing Maturity Benefits :
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With No Survival Benefits - The entire sum assured along with vested bonuses is granted to the insured at maturity.
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5% of Basic Sum Assured for the Last Five Years - 75% of the sum assured along with vested bonuses would be given to the insured.
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10% of Assured Sum for the Last 5 Years - 50% of the assured sum along with vested bonuses returned at maturity.
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15% of Sum Assured for the Last Five Years - 25% of the basic sum along with vested bonuses is returned at maturity.
After maturity of the plan, the basic amount along with bonuses is given to the policyholder and the policy ceases to exist thereafter.
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Bonus and Rewards - The plan offers long-term reversionary bonuses along with survival benefits and maturity benefits.
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In Case of Death of the Premium Payer - No more premiums need to be paid for the remaining term of the policy's maturity. The policy will continue to cover the nominee till its maturity, post which the insured will get the basic sum assured and the various bonuses vested to the plan.
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The risk coverage linked to LIC Jeevan Tarun starts from 8 years of age or 2 years from the plan's inception.
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Sum Assured on Death - In case of death of the insured, the sum assured should be at least 10 times the premium amount to be paid, or a maximum of 125% of the sum assured. It should however be a minimum of 105% of the total premium that has been paid to the date.
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Additional Riders Benefit Plans - It secures extra risk protection against accidental death /disability of the insured.
Summing It Up!
LIC Jeevan Tarun's plan gives you the chance to protect your kids if something unpleasant happens and you are not there to look after them. Remember the old proverb, a stitch in time saves nine? Well, this stitch in time can help you make your child's dreams come true.